Banking and CU Trade Groups Detail COVID-19 Response in Senate Letter

In a March 17 letter to several Democratic members of the Senate Banking Committee, banking and credit union trade groups detailed what their industries are doing to help customers, communities and the broader economy through the coronavirus crisis. ‌

“At this time of significant challenge to the nation, we can report that the American financial system is strong and resilient,” the groups said. “Banks and credit unions across the country stand ready to support their customers and members and are working to help those affected.” ‌

Actions taken by financial institutions have included fee waivers, deferred payments, loan modifications and emergency low-rate and zero-rate loans. Banks and credit unions are also helping customer fully employ mobile and online banking platforms, as well as donating to public health relief and response efforts, the groups said. The letter also detailed actions taken to assist bank and credit union employees.

The trade groups signing the letter were the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Credit Union National Association, Financial Services Forum, Independent Community Bankers of America, and National Association of Federally Insured Credit Unions.

Read the letter.